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Design Automation Conference 2019 Exhibitor Profiles

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LAS VEGAS–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/56DAC?src=hash” target=”_blank”gt;#56DAClt;/agt;–The 56th Design Automation Conference runs June 2 – 6, 2019
at the Las Vegas Convention Center.

Business Wire is the official
news distribution partner
for DAC 2019. Exhibitor profiles from
the conference are listed below.

***

Company: Achronix Semiconductor Corporation
Booth: 861
Web: https://www.achronix.com
Achronix Semiconductor Corporation is a privately held, fabless
semiconductor corporation based in Santa Clara, California and
offers high-performance FPGA and embedded FPGA (eFPGA) solutions.
Achronix’s history is one of pushing the boundaries in the
high-performance FPGA market. Achronix offerings include
programmable FPGA fabrics, discrete high-performance and
high-density FPGAs with hardwired system-level blocks, datacenter
and HPC hardware accelerator boards, and best-in-class EDA software
supporting all Achronix products.
 
 
Company: AMIQ EDA srl.
Booth: 854
Web: www.dvteclipse.com
AMIQ EDA provides tools – DVT Eclipse IDE, DVT Debugger Add-On,
Verissimo Linter, and Specador Documentation Generator – that enable
design and verification engineers increase the speed and quality of
new code development, simplify legacy code maintenance, accelerate
language and methodology learning, and improve source code
reliability. Working with 100+ companies in 30+ countries, AMIQ EDA
is recognized for its high quality products and customer service
responsiveness.
 
 
Company: AnaGlobe Technology, Inc.
Booth: 934
Web: http://www.anaglobe.com
AnaGlobe is a Taiwanese EDA company, has 2 major layout platforms,
THUNDER & GOLF. THUNDER is a versatile layout integration platform
to support heavy layout handling efforts from post P&R, IP merge
automation & management, physical ECO verification (LVL,
connectivity, etc.), DRC/LVS debugging interface, and even (in-line
inspection) defect-to-layout mapping, failure analysis and
chip-package integration (fanout, interposer and substrate routing,
pins connectivity, etc.).
 
GOLF is a custom layout platform with a simple yet GUI-mode powerful
PCell Designer for diversified applications. PCells are easily
created, previewed and debugged by PCell Designer.
 
AnaGlobe differentiates product to satisfy specific and individual
user requests.
 
 
Company: Breker Verification Systems
Booth: 611
Web: https://brekersystems.com/
Breker Verification Systems will demonstrate at DAC its portfolio of
Portable Stimulus solutions, a standard means to specify
verification intent and behaviors reusable across target platforms.
Demos will highlight how a graph-based verification and the
synthesis approach enables development of powerful test sets from
abstract scenario models. Its Trek Portable Stimulus Portfolio is
Graph-based to make complex scenarios comprehensible, Portable,
eliminating test redundancy across the verification process, and
Shareable to foster team communication and reuse. Intelligent
Testbench tools and apps allows synthesis of high-coverage, powerful
test cases for deployment into a variety of UVM to SoC verification
environments.
 
DAC attendees can schedule demonstrations at
https://brekersystems.com/dac/.
 
 
Company: Cadence Design Systems, Inc.
Booth: 915
Ticker Symbol & Exchange: NASDAQ: CDNS
Web: www.cadence.com
Cadence enables electronic systems and semiconductor companies to
create the innovative end products that are transforming the way
people live, work and play. Cadence software, hardware and
semiconductor IP are used by customers to deliver products to market
faster. The company’s System Design Enablement strategy helps
customers develop differentiated products—from chips to boards to
systems—in mobile, consumer, cloud datacenter, automotive,
aerospace, IoT, industrial and other market segments. Cadence is
listed as one of Fortune Magazine’s 100 Best Companies to Work For.
Learn more at cadence.com.
 
 
Company: Coventor, A Lam Research Company
Booth: 835
Web: www.coventor.com
Coventor® is the market leader in automated solutions for developing
semiconductor process technology, as well as micro-electromechanical
systems (MEMS). Coventor serves a worldwide customer base of
integrated device manufacturers, memory suppliers, fabless design
houses, independent foundries, and R&D organizations. Its
SEMulator3D modeling and analysis platform is used for fast and
accurate ‘virtual fabrication’ of advanced manufacturing processes,
allowing engineers to understand manufacturing effects early in the
development process and reduce time-consuming and costly silicon
learning cycles. Its CoventorMP MEMS design platform is used to
develop MEMS-based products for automotive, aerospace, industrial,
defense, and consumer electronics applications. The company is
headquartered in Cary, North Carolina, with development and sales
offices worldwide.
 
 
Company: Defacto Technologies
Booth: 667
Web: www.defactotech.com
After a first success on moving traditional DFT checks to RTL,
Defacto shifted its focus, 10 years ago, on providing SoC design
solutions to help reaching aggressive PPA requirements
cost-effectively. Defacto has proven the effectiveness of STAR as a
design platform for large SoCs.
 
By adopting Defacto’s STAR design solutions, major semiconductor
companies are continuously moving from traditional and painful SoC
design tasks to the Defacto’s joint “Build & Signoff” design
methodology. The related ROI has been proven for hundreds of
projects.
 
 
Company: Design And Reuse
Booth: 329
Web: https://www.design-reuse.com,
http://www.design-reuse-embedded.com, www.design-reuse.cn
Founded in 1997, D&R became the worldwide leader as a B2B portal in
the IP/SoC field with its community of 42,000 registered users,
75,000 Absolute Unique Visitors/Month, 18,000 daily updated IP/SOC
products, and news broadcast to 27,000 subscribers.
 
Based on more than 20 years experience, D&R sells IPMSTM: a Java/XML
multi-application, configurable platform, offering a comprehensive
solution for IP management including smart IP delivery and smart
computerized contract support, as well as an unique intelligent
software tool license management solution providing user behavior
profiling, and cost sharing, leading to well informed business
decision making.
 
 
Company: EDDR Software
Booth: 633
Web: www.eddrs.com
EDDR Software is a company that works with customers and partners in
order to help ENGINEER, DESIGN, DEVELOP, and RESEARCH solutions for
barriers created by technology and software in their business. EDDRS
also helps bridge gaps that may arise with changing technologies and
requirements. EDDRS has tools to help clients produce products for
their customers more efficiently and with higher performance. Check
out some of them at https://www.eddrs.com/pg/products.
 
 
Company: Faraday Technology Corporation
Booth: 1012
Ticker Symbol & Exchange: TWSE: 3035
Web: https://www.faraday-tech.com
Faraday Technology Corporation (TWSE: 3035) is a leading fabless
ASIC and silicon IP provider. From specification level to GDSII-in,
our flexible business engagement model allows customers to check-in
at various design phases in maximizing ASIC implementation
efficiency.
 
Faraday’s comprehensive IP portfolio and best-in-class IP
customization service have enabled customers’ products to address
various applications and market segments effortlessly.
 
Since 1993, Faraday has been cooperating with top-tier suppliers of
IP, EDA, manufacturing, packaging, and testing, completing more than
2,200 tapeouts resulting in hundreds of millions chips shipped
worldwide a year.
 
 
Company: Menta
Booth: 626
Web: www.menta-efpga.com
For ASIC and SoCs designers who need fast, right-the-first time
design and fast time to volume, Menta is the proven eFPGA pioneer
whose design-adaptive standard cells based architecture and
state-of-the-art tool set provides the highest degree of design
customization, best-in-class testability and fastest time-to-volume
for SoC design targeting any production node at any foundry.
 
 
Company: OneSpin Solutions
Booth: 308
Web: www.onespin.com
OneSpin will feature at DAC its full complement of certified IC
integrity verification solutions for building functionally correct,
safe, secure and trusted integrated circuits. Solutions are based on
OneSpin’s widely used formal verification technology and assure the
integrity of SoCs, ASICs and FPGAs. Partners include leaders
worldwide in automotive and industrial applications; defense;
avionics; artificial intelligence and machine learning; consumer
electronics; and communications. Its advanced solutions are
well-suited for developing heterogeneous computing platforms, using
programmable logic, and designing and integrating processor cores,
such as RISC-V. OneSpin’s customer-oriented commitment is
fundamental to its growth and success.
 
Connect with OneSpin at:
Twitter: https://twitter.com/OneSpinSolution
LinkedIn: https://www.linkedin.com/company/onespin-solutions
Facebook: https://www.facebook.com/OneSpinSolutions
 
 
Company: OpenText
Booth: 1117
Ticker Symbol & Exchange: OTEX NASDAQ
Web: https://www.opentext.com/
OpenText Connectivity products, formerly Hummingbird provides
web-based remote access and virtual desktop infrastructure (VDI)
software for UNIX, Linux and Windows applications.
 
OpenText Exceed TurboX (ETX) is designed from the ground up to
enable session resilience and local-like responsiveness for
graphically demanding applications, even over high latency WAN
connections.
 
Many leading semiconductor companies are successfully using ETX to
achieve blazing fast access from anywhere to chip layout
applications and other EDA tools.
 
 
Company: PRO DESIGN Electronic GmbH
Booth: 635
Web: https://www.profpga.com/
PRO DESIGN is a leading provider of FPGA-based Prototyping systems.
PRO DESIGN’s product family proFPGA is a very flexible
high-performance FPGA system which is mainly used for ASIC
Prototyping and pre-silicon software development. The modular
concept of the proFPGA system, consisting of different motherboards,
FPGA modules, daughter boards and interconnects allows the user to
adjust it for almost any type of application. PRO DESIGN is offering
FPGAs produced by XILINX and Intel, those can be Mix and Matched on
one proFPGA System.
 
 
Company: SANKALP SEMICONDUCTOR
Booth: 510
Web: www.sankalpsemi.com
Sankalp Semiconductor offers an integrated portfolio of services and
solutions to its customers in key semiconductor domains including
analog & mixed signal, digital, high-speed physical interface IP,
Embedded Memory Compiler, IOs & EDA modeling. Sankalp is a preferred
semiconductor design service partners to multiple Fortune 500
companies in the Automotive, Consumer, Networking, Wireless, IoT,
Medical electronics & Foundry space. The company enables its
customers deliver first time right silicon & engage with product
engineering teams across the globe to design SoCs. Sankalp is based
in Palo Alto, California & Hubli, India with offices in USA, India,
Canada, Germany, Malaysia and Japan.
 
 
Company: Sigasi
Booth: 646
Web: www.sigasi.com
Sigasi radically redefines digital design. Our design entry tool
Sigasi Studio drastically improves hardware designer productivity by
helping to write, inspect and modify digital circuit designs in the
most intuitive way. Advanced features such as intelligent
autocompletes and code refactoring, make VHDL, Verilog and
SystemVerilog design easier, more efficient.
 
Sigasi, has formed partnerships with FPGA and EDA companies
including Altera, Xilinx and Aldec. The Sigasi Studio XL platform is
used worldwide by industry leaders in the fields of healthcare,
consumer electronics, industrial automation, telecom, aerospace and
defense.
 
 
Company: Silicon Creations
Booth: 525
Web: www.siliconcr.com
Silicon Creations is focused on providing world-class silicon
intellectual property (IP) for precision and general-purpose timing
(PLLs), SerDes and high-speed differential I/Os. Silicon Creations’
IP is in production from 7 to 180-nanometer process technologies.
With a complete commitment to customer success, its IP has an
excellent record of first silicon to mass production in customer
designs. Silicon Creations, founded in 2006, is self-funded and
growing. The company has development centers in Atlanta, Ga., and
Krakow, Poland, and worldwide sales representation. For more
information, visit www.siliconcr.com.
 
 
Company: SmartDV Technologies
Booth: 514
Web: www.Smart-DV.com
SmartDV™ Technologies, the Proven and Trusted choice for
Verification Intellectual Property (VIP), will be in DAC Booth #514
with demonstrations of Smart ViPDebug™, its new protocol debugger
that reduces debug time by rapidly identifying violations. Also
highlighted will be SmartDV’s Compute Express Link (CXL) and
Ethernet Time-Sensitive Networking (TSN) VIP solutions, along with
its extensive VIP portfolio used in hundreds of networking, storage,
automotive, bus, MIPI and display chip projects. SmartDV’s VIP is
compatible with all verification languages, platforms and
methodologies supporting all simulation, emulation and formal
verification tools used in a coverage-driven chip design
verification flow.
 
DAC attendees can schedule demonstrations through SmartDV’s online
scheduler: http://smart-dv.com/dac.html.
 
 
Company: Univa
Booth: 1233
Web: www.univa.com
Univa is the leading innovator of workload management solutions that
optimize throughput and performance of applications, containers, and
services. Univa manages workloads automatically by maximizing shared
resources and enabling enterprises to scale compute resources across
on-premise, hybrid and cloud infrastructures. Univa’s solutions help
hundreds of companies to manage thousands of applications and run
billions of tasks every day to obtain actionable insights and
achieve faster time-to-results. Univa is headquartered in Chicago,
with offices in Canada and Germany.
 
 
Company: Verific Design Automation
Booth: 638
Web: www.verific.com
At DAC, Verific will celebrate 20 years as the leading provider of
SystemVerilog, Verilog, VHDL and UPF Parser Platforms, used by EDA,
FPGA and semiconductor companies worldwide. Verific’s R&D and
applications staff will explain how its SystemVerilog, VHDL and UPF
parsers, as well as its “Verific with INVIO” platform enable project
groups to develop advanced EDA products quickly and cost
effectively. Demos of the INVIO platform will illustrate the ways in
which its SystemVerilog- and VHDL-language agnostic Python and C++
APIs simplify and streamline a Verific user’s design environment to
accelerate tool development.
 
Engage with Verific at:
Email: [email protected]
LinkedIn: https://www.linkedin.com/company-beta/810695

***

Qualified members of the press please note the following important
information.

Exhibitor News:
http://www.tradeshownews.com/events/design-automation-conference-2019/

Press Information:
https://dac.com/content/press-registration

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SCHWAZZE

Schwazze Announces Fourth Quarter and Full Year 2023 Financial Results

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schwazze-announces-fourth-quarter-and-full-year-2023-financial-results

 FY 2023 Revenue of $172.4 Million; Income from Operations of $3.3 Million; Adjusted EBITDA of $53.4 Million or 31% of Revenue

 Generated $12.2 Million of Operating Cash Flow in FY 2023

DENVER, March 27, 2024 /PRNewswire/ — Medicine Man Technologies, Inc., operating as Schwazze, (OTCQX: SHWZ) (Cboe: SHWZ) (“Schwazze” or the “Company”), today announced financial and operational results for the fourth quarter and full year ended December 31, 2023.

“This past year, the Schwazze team delivered solid top-line growth in two highly competitive markets with 31% adjusted EBITDA margins and improved operating cash flow,” said Forrest Hoffmaster, Interim CEO of Schwazze. “We continued to sharpen our retail strategy while expanding our store footprint by more than 50% to 63 dispensaries across our two markets. Although the Colorado and New Mexico markets were pressured in 2023, we have built a solid foundation with best-in-class service for our patients and customers. Internally, we are also relentlessly focused on maximizing the operating efficiencies of our manufacturing and cultivation facilities to drive higher yields, improved flower quality, and greater output.”

“With strong demand and over 680 recreational retail stores at year-end, the competitive landscape in Colorado is fierce, underscoring the importance of our investments in and attention to elevating the customer experience. We significantly outpaced the market in Q4 on a sequential and year-over-year basis and expect to bolster our growth through improvements in customer acquisition, retention, and loyalty, as well as in the overall retail experience. Additionally, we are beginning to see wholesale pricing stabilize, which we anticipate will continue based on plant counts and ongoing retail pricing pressure.”

“In New Mexico, the proliferation of new licenses has led to increased competition and aggressive pricing strategies from certain players. Cannabis sales in the state were up 18% across a store base that was over 50% higher year-over-year in Q4, leading to lower average revenue per store. While we are beginning to see a slow-down in net new store openings, we anticipate a challenging market ahead. We remain focused on cost optimization and asset utilization while implementing a balanced pricing and promotional strategy to drive traffic into our stores, where we believe we excel in delivering an elevated retail experience. We are committed to fulfilling our promise of being the retailer of choice in New Mexico.”

“Looking ahead, we are optimistic about the regulatory momentum in the industry at large. In the meantime, we will continue to elevate the customer experience, improve our loyalty program, increase our cost efficiencies, and enhance our retail assets. Our team has a demonstrated track record of executing in competitive markets like Colorado and New Mexico where we remain one of the largest operators. We look forward to driving growth and profitability across each of our markets in 2024.”

Fourth Quarter 2023 Financial Summary

$ in Thousands USD

Q4 2023

Q3 2023

Q4 2022

Total Revenue

$43,325

$46,747

$40,147

Gross Profit

$7,034

$21,438

$21,719

Adjusted Gross Profit[1]

$20,180

$21,438

$21,719

Operating Expenses

$23,276

$12,514

$24,224

Income (Loss) from Operations

$(16,242)

$8,924

$(2,505)

Adjusted EBITDA[2]

$10,953

$14,119

$13,285

Operating Cash Flow

$3,452

$6,946

$6,260

Full Year 2023 Financial Summary

$ in Thousands USD

FY 2023

FY 2022

Total Revenue

$172,448

$159,379

Gross Profit

$76,024

$80,289

Adjusted Gross Profit1

$89,170

$86,830

Operating Expenses

$72,735

$67,434

Income from Operations

$3,289

$12,855

Adjusted EBITDA2

$53,412

$52,010

Operating Cash Flow

$12,201

$6,694

___________________________

1  Adjusted Gross Profit is a non-GAAP measure as defined by the SEC and represents gross profit excluding non-cash inventory adjustments. The Company uses Adjusted Gross Profit as it believes it better explains the results of its core business. See “ADJUSTED GROSS PROFIT RECONCILIATION (NON-GAAP)” section herein for an explanation and reconciliations of non-GAAP measure used throughout this release.

2  Adjusted EBITDA is a non-GAAP measure as defined by the SEC, and represents earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash share-based compensation, one-time transaction related expenses, or other non-operating costs. The Company uses Adjusted EBITDA as it believes it better explains the results of its core business. See “ADJUSTED EBITDA RECONCILIATION (NON-GAAP)” section herein for an explanation and reconciliations of non-GAAP measure used throughout this release.

Full Year 2023 Operational Highlights

  • Expanded the Company’s retail footprint by more than 50% in New Mexico and Colorado to 63 dispensaries.
  • Completed the acquisition of Everest Apothecary, adding 14 dispensaries, one cultivation facility, and one manufacturing plant to the Company’s New Mexico operations.
  • Acquired Standing Akimbo, the largest medical cannabis dispensary in Colorado, and opened the Company’s first medical dispensary in Colorado Springs under the Standing Akimbo banner.
  • Acquired two Colorado retail dispensaries in Fort Collins and Garden City from Smokey’s.
  • Unveiled an enhanced, custom ecommerce platform in New Mexico under the R. Greenleaf banner.
  • Increased wholesale penetration in Colorado and New Mexico by over 3x year-over-year to more than 27% total door penetration in both states.
  • Grew Lowell Farms pre-roll sales by over 250% in Colorado where it is now the #1 pre-roll in the state. In addition, Lowell is in six of the largest Colorado accounts and will be available for wholesale in New Mexico starting April 1st, 2024.
  • Grew sales with Wana, our fan-favorite gummies brand, by 48% in New Mexico where it is now in 130 doors with eight of the top ten accounts in the state.

Fourth Quarter 2023 Financial Results

Total revenue in the fourth quarter of 2023 increased 8% to $43.3 million compared to $40.1 million for the same quarter last year. The increase was primarily due to growth from new stores compared to the prior year period and increased wholesale revenue, partially offset by pricing pressure from the proliferation of new licenses in New Mexico.

Gross profit for the fourth quarter of 2023 was $7.0 million or 16.2% of total revenue, compared to $21.7 million or 54.1% of total revenue for the same quarter last year. The decrease in gross margin was primarily driven by one-time, non-cash inventory adjustments of approximately $13.1 million comprised of $3.1 million of product consolidation, obsolescence, and shrinkage expenses, $4.3 million of net realizable value adjustments, and $5.8 million of fair value adjustments on acquired inventory in New Mexico in 2023. Adjusted gross profit, which excludes non-cash inventory adjustments, for the fourth quarter of 2023 was $20.2 million or 46.6% of revenue.

Operating expenses for the fourth quarter of 2023 were $23.3 million compared to $24.2 million for the same quarter last year. The decrease was primarily due to a lower impairment charge in the fourth quarter of 2023. This was partially offset by an increase in four-wall SG&A expenses associated with the 22 additional stores in Colorado and New Mexico that are still ramping, as well as greater salaries and stock-based compensation.

Loss from operations for the fourth quarter of 2023 was $16.2 million compared to $2.5 million in the same quarter last year. The decrease was driven by the aforementioned lower gross profit, primarily related to the non-cash inventory adjustment. Net loss was $33.9 million for the fourth quarter of 2023 compared to $27.3 million for the same quarter last year.

Adjusted EBITDA for the fourth quarter of 2023 was $11.0 million or 25.3% of revenue, compared to $13.3 million or 33.1% of revenue for the same quarter last year. The decrease in Adjusted EBITDA margin was primarily driven by higher operating expenses associated with the 22 additional stores that are still ramping.

As of December 31, 2023, cash and cash equivalents were $19.2 million compared to $38.9 million on December 31, 2022. Total debt as of December 31, 2023, was $156.8 million compared to $127.8 million on December 31, 2022.

Conference Call

The Company will conduct a conference call today, March 27, 2024, at 5:00 p.m. Eastern time to discuss its results for the fourth quarter and full year ended December 31, 2023.

Schwazze management will host the conference call, followed by a question-and-answer period. Interested parties may submit questions to the Company prior to the call by emailing [email protected].

Date: Wednesday, March 27, 2024
Time: 5:00 p.m. Eastern time
Toll-free dial-in: (888) 664-6383
International dial-in: (416) 764-8650
Conference ID: 38840334
Webcast: SHWZ Q4 & FY 2023 Earnings Call

The conference call will also be broadcast live and available for replay on the investor relations section of the Company’s website at https://ir.schwazze.com.

Toll-free replay number: (888) 390-0541
International replay number: (416) 764-8677
Replay ID: 840334

If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.

About Schwazze

Schwazze (OTCQX: SHWZ) (Cboe: SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to explore taking its operating system to other states where it can develop a differentiated regional leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale.

Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector.

Medicine Man Technologies, Inc. was Schwazze’s former operating trade name. The corporate entity continues to be named Medicine Man Technologies, Inc. Schwazze derives its name from the pruning technique of a cannabis plant to enhance plant structure and promote healthy growth. To learn more about Schwazze, visit https://schwazze.com/.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include financial outlooks; any projections of net sales, earnings, or other financial items; any statements of the strategies, plans and objectives of our management team for future operations; expectations in connection with the Company’s previously announced business plans; any statements regarding future economic conditions or performance; and statements regarding the intent, belief or current expectations of our management team. Such statements may be preceded by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intends,” “plans,” “strategy,” “prospects,” “anticipate,” “believe,” “approximately,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other words of similar meaning in connection with a discussion of future events or future operating or financial performance, although the absence of these words does not necessarily mean that a statement is not forward-looking. We have based our forward-looking statements on management’s current expectations and assumptions about future events and trends affecting our business and industry. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. Therefore, forward-looking statements are not guarantees of future events or performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control and cannot be predicted or quantified. Consequently, actual events and results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) regulatory limitations on our products and services and the uncertainty in the application of federal, state, and local laws to our business, and any changes in such laws; (ii) our ability to manufacture our products and product candidates on a commercial scale on our own or in collaboration with third parties; (iii) our ability to identify, consummate, and integrate anticipated acquisitions; (iv) general industry and economic conditions; (v) our ability to access adequate capital upon terms and conditions that are acceptable to us; (vi) our ability to pay interest and principal on outstanding debt when due; (vii) volatility in credit and market conditions; (viii) the loss of one or more key executives or other key employees; and (ix) other risks and uncertainties related to the cannabis market and our business strategy. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise except as required by law.

Investor Relations Contact
Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
[email protected]

MEDICINE MAN TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME AND (LOSS)
For the Periods Ended December 31, 2023 and 2022
Expressed in U.S. Dollars

For the Three Months Ended

For the Twelve Months Ended

December 31,

December 31,

2023

2022

2023

2022

(Unaudited)

(Unaudited)

(Audited)

(Audited)

Operating Revenues

Retail

$

39,592,779

$

36,868,429

$

155,463,816

$

141,254,893

Wholesale

3,730,749

3,158,670

16,765,425

17,819,938

Other

1,287

120,188

218,545

304,388

Total Revenue

43,324,815

40,147,287

172,447,786

159,379,219

Total Cost of Goods & Services

36,291,059

18,428,528

96,424,150

79,090,461

Gross Profit

7,033,756

21,718,759

76,023,636

80,288,758

Operating Expenses

Selling, General and Administrative Expenses

10,848,029

8,922,627

39,916,518

29,036,962

Professional Services

1,115,457

1,112,975

3,558,501

6,722,554

Loss on Impairment

1,810,890

8,011,405

1,801,740

8,011,405

Salaries

6,561,800

5,292,996

23,883,354

20,990,290

Stock Based Compensation

2,952,669

883,890

3,574,831

2,672,713

Total Operating Expenses

23,288,845

24,223,893

72,734,944

67,433,924

Income from Operations

(16,255,089)

(2,505,134)

3,288,692

12,854,834

Other Income (Expense)

Interest Expense, net

(8,112,391)

(6,827,557)

(32,069,082)

(30,139,645)

Unrealized Gain (Loss) on Derivative Liabilities

1,384,228

(9,690,200)

15,870,233

18,414,760

Other Loss

68,400

3,736

68,400

24,136

Loss on Business Disposition

(1,968,807)

(4,684,366)

(1,968,807)

(4,684,366)

Unrealized Gain (Loss) on Investments

3,083

1,816

(39,270)

Total Other Income (Expense)

(8,628,570)

(21,195,304)

(18,097,441)

(16,424,385)

Pre-Tax Net Income (Loss)

(24,883,659)

(23,700,438)

(14,808,749)

(3,569,551)

Provision for Income Taxes

4,494,049

3,638,695

19,740,595

14,898,064

Net Income (Loss)

$

(29,377,708)

$

(27,339,133)

$

(34,549,344)

$

(18,467,615)

Less: Accumulated Preferred Stock Dividends for the Period

(1,541,341)

(2,508,677)

(8,154,993)

(7,802,809)

Net Income (Loss) Attributable to Common Stockholders

$

(30,919,049)

$

(29,847,810)

$

(42,704,337)

$

(26,270,424)

Earnings (Loss) per Share Attributable to Common Stockholders

Basic Earnings (Loss) per Share

$

(0.43)

$

(0.57)

$

(0.66)

$

(0.49)

Diluted Earnings (Loss) per Share

$

(0.43)

$

(0.57)

$

(0.66)

$

(0.49)

Weighted Average Number of Shares Outstanding – Basic

71,680,200

53,637,003

64,535,245

53,637,003

Weighted Average Number of Shares Outstanding – Diluted

71,680,200

53,637,003

64,535,245

53,637,003

Comprehensive Income (Loss)

$

(29,377,708)

$

(27,339,133)

$

(34,549,344)

$

(18,467,615)

MEDICINE MAN TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Periods Ended December 31, 2023 and 2022
Expressed in U.S. Dollars

For the Twelve Months Ended

December 31,

2023

2022

(Audited)

(Audited)

Cash Flows from Operating Activities:

Net Income (Loss) for the Period

$

(34,549,344)

$

(18,467,615)

Adjustments to Reconcile Net Income (Loss) to Cash for Operating Activities

Depreciation & Amortization

20,933,541

10,660,172

Non-Cash Interest Expense

4,024,604

4,118,391

Impairment of Goodwill

1,801,740

8,011,405

Non-Cash Lease Expense

7,648,531

3,910,679

Deferred Taxes

(2,090,967)

502,070

Loss on Disposition of Business Units

1,968,807

4,684,369

Change in Derivative Liabilities

(15,870,233)

(18,414,760)

Amortization of Debt Issuance Costs

1,686,049

1,686,048

Amortization of Debt Discount

8,523,493

7,484,613

(Gain) Loss on Investments, net

(1,816)

39,270

Stock Based Compensation

3,590,473

812,073

Changes in Operating Assets & Liabilities (net of Acquired Amounts):

Accounts Receivable

927,259

(105,185)

Inventory

4,571,069

789,399

Prepaid Expenses & Other Current Assets

1,579,349

(2,770,179)

Other Assets

263,419

(248,682)

Change in Operating Lease Liabilities

(7,498,128)

(13,113,041)

Accounts Payable & Other Liabilities

(3,241,850)

11,845,245

Income Taxes Payable

17,934,967

5,270,074

Net Cash Provided by (Used in) Operating Activities

12,200,963

6,694,346

Cash Flows from Investing Activities:

Collection of Notes Receivable

11,944

Cash Consideration for Acquisition of Business, net of Cash Acquired

(15,834,378)

(58,981,226)

Purchase of Fixed Assets

(7,865,654)

(14,007,892)

Purchase of Intangible Assets

(2,750,000)

Investment in Private Entity

(2,000,000)

Net Cash Provided by (Used in) Investing Activities

(26,438,088)

(74,989,118)

Cash Flows from Financing Activities:

Payment on Notes Payable

(5,354,218)

(134,498)

Proceeds from Issuance of Common Stock

978,308

Payment for Statutory Withholdings on RSU

(108,978)

Net Cash Provided by (Used in) Financing Activities

(5,463,196)

843,810

Net (Decrease) in Cash & Cash Equivalents

(19,700,321)

(67,450,962)

Cash & Cash Equivalents at Beginning of Period

38,949,253

106,400,216

Cash & Cash Equivalents at End of Period

$

19,248,932

$

38,949,253

Supplemental Disclosure of Cash Flow Information:

Cash Paid for Interest

$

17,896,954

$

15,243,990

Cash Paid for Income Taxes

5,000,000

12,340,000

MEDICINE MAN TECHNOLOGIES, INC.
ADJUSTED EBITDA RECONCILIATION (NON-GAAP)
For the Periods Ended December 31, 2023 and 2022
Expressed in U.S. Dollars

For the Three Months Ended

For the Twelve Months Ended

December 31,

December 31,

2023

2022

2023

2022

Net Income (Loss)

$

(29,364,680)

$

(27,339,133)

$

(34,549,344)

$

(18,467,615)

Interest Expense, net

8,112,391

6,827,557

32,069,082

30,139,645

Provision for Income Taxes

4,494,049

3,638,695

19,740,595

14,898,064

Other (Income) Expense, net of Interest Expense

516,180

14,367,747

(13,971,641)

(13,715,260)

Depreciation & Amortization

3,162,425

3,701,128

18,970,960

12,524,677

Earnings Before Interest, Taxes, Depreciation and

Amortization (EBITDA) (non-GAAP)

$

(13,079,635)

$

1,195,994

$

22,259,652

$

25,379,511

Non-Cash Stock Compensation

1,597,157

883,890

2,219,319

2,672,713

Deal Related Expenses

2,196,733

1,914,820

5,528,048

6,822,111

Capital Raise Related Expenses

1,779

(257,271)

38,559

533,958

Inventory Adjustment to Fair Market Value for

Purchase Accounting

5,792,488

5,792,488

6,541,651

One-Time Inventory Impairment

7,353,972

7,353,972

One-Time Goodwill Impairment

1,801,740

8,011,405

1,801,740

8,011,405

Severance

111,752

263,374

537,584

334,910

Retention Program Expenses

505,655

Employee Relocation Expenses

5,065

(3,750)

70,107

15,360

Pre-Operating & Dark Carry Expenses

2,663,824

1,027,738

2,663,824

1,027,738

One-Time Legal Settlements

1,204,058

440,000

1,204,058

440,000

Other Non-Recurring Items

1,304,501

(191,674)

3,436,773

230,858

Adjusted EBITDA (non-GAAP)

$

10,953,434

$

13,284,526

$

53,411,779

$

52,010,215

Revenue

43,324,815

40,147,287

172,447,786

159,379,219

Adjusted EBITDA Percent

25.3 %

33.1 %

31.0 %

32.6 %

View original content:https://www.prnewswire.co.uk/news-releases/schwazze-announces-fourth-quarter-and-full-year-2023-financial-results-302101678.html

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